Select Asset Management & Trust 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Apple Computer, Inc.	COM	37833100	4,842	9,021	SH		OTR		0	0	9,021
Banco Santander	COM	05964H105	1,664	173,707	SH		OTR		0	0	173,707
Bank of America	COM	60505104	2,150	125,000	SH		OTR		0	0	125,000
Berkshire Hathaway Inc. C	COM	84670702	266	2,125	SH		OTR	1	0	0	2,125
Chevron Texaco Corporatio	COM	166764100	344	2,895	SH		OTR		0	0	2,895
Coca Cola Co.	COM	191216100	1,616	41,790	SH		OTR		0	0	41,790
Dow Diamonds	ETF	78467X109	5,332	32,467	SH		SOLE		0	0	32,467
Exxon Mobil Corp.	COM	30231G102	402	4,115	SH		OTR		0	0	4,115
Financial Select Sector	ETF	81369Y605	6,144	275,000	SH		SOLE		0	0	275,000
First Trust Consumer Stap	ETF	33734X119	3,655	99,100	SH		OTR		0	0	99,100
General Electric Co.	COM	369604103	4,531	175,021	SH		OTR		0	0	175,021
Health Care Select Sector	ETF	81369Y209	3,398	58,100	SH		SOLE		0	0	58,100
I Shares S&P Mid Cap 400	ETF	464287507	238	1,733	SH		SOLE		0	0	1,733
Implant Sciences	COM	45320R108	10	10,000	SH		OTR		0	0	10,000
International Business Eq	COM	459200101	215	1,115	SH		OTR		0	0	1,115
iShares US Preferred Stoc	ETF	464288687	4,147	106,260	SH		SOLE		0	0	106,260
J.P. Morgan Chase	COM	46625H100	3,036	50,004	SH		OTR		0	0	50,004
Market Vectors Gold Miner	ETF	57060U100	401	17,000	SH		SOLE		0	0	17,000
Microsoft Corp	COM	594918104	5,549	135,369	SH		OTR		0	0	135,369
MSCI EAFE Index	ETF	464287465	2,587	38,500	SH		SOLE		0	0	38,500
Nestle SA ADR	ADR	641069406	241	3,200	SH		OTR	1	0	0	3,200
Oracle Corporation	COM	68389X105	2,145	52,425	SH		OTR		0	0	52,425
Pfizer Inc	COM	717081103	1,611	50,166	SH		OTR		0	0	50,166
Royal Dutch Shell PLC	ADR	780259206	421	5,762	SH		OTR		0	0	5,762
S&P 500 Low Volatility	ETF	73937B779	367	10,770	SH		SOLE		0	0	10,770
S&P 500 Spiders	ETF	78462F103	22,274	119,106	SH		SOLE		0	0	119,106
S&P 500 VIX Short-Term Fu	ETF	06740C261	695	16,500	SH		SOLE		0	0	16,500
Streettracks Gold Shares	ETF	78463V107	456	3,693	SH		SOLE		0	0	3,693
Susquehanna Bancshares In	COM	869099101	611	53,747	SH		OTR		0	0	53,747
Ultrashort S&P 500 Prosha	ETF SHORT	74347B300	2,139	75,460	SH		SOLE		0	0	75,460
Unilever NV-NY shares	ADR	904784709	115	2,795	SH		OTR	1	0	0	2,795
Unilever NV-NY shares	ADR	904784710	146	3,574	SH		OTR		0	0	3,574
Vanguard Dividend Appreci	ETF	921908844	4,940	65,665	SH		SOLE		0	0	65,665
Vanguard European Stock	ETF	922042874	1,700	28,835	SH		SOLE		0	0	28,835
Vanguard Growth Vipers	ETF	922908736	7,480	80,022	SH		SOLE		0	0	80,022
Vanguard REIT Index	ETF	922908553	2,397	33,945	SH		SOLE		0	0	33,945
Vanguard Value	ETF	922908744	8,457	108,275	SH		SOLE		0	0	108,275